http://news.theage.com.au/breaking-...eller-slams-goldman-sachs-20100825-13ruy.html " Chinese bestseller slams Goldman Sachs Elaine Kurtenbach August 25, 2010 - 4:49PM AP Goldman Sachs & Co, reviled in the US for its role in the financial crisis, is now getting hammered in the world's No 2 economy with a sensationalist new book accusing the investment bank of trying to destroy China. The book, Goldman Sachs Conspiracy, selling more than 100,000 copies since its release in June and reaching popular website Sina.com's top 10 list, follows another by author Li Delin called Eliminate All Competitors - How Goldman Sachs Wins Over the World, published last year. Li, a financial journalist, appears to have hit pay dirt among Chinese readers with an appetite for the would-be exposes that get prominent display in downtown bookstores, such as Who Killed Toyota: the Truth of America's Attack and Currency War. The nearly 300-page, highly dramatised account covers much of the same ground as a widely cited piece by Matt Taibbi last year in Rolling Stone magazine that portrayed the Wall Street institution as a "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money". Li's book takes ample licence in its attacks on Goldman Sachs. The company's ultimate goal, he says in the first chapter, is to "kill China". "Like a fox chewing a bone, Goldman Sachs knows the rules of the game and when to go for your neck," it says. With the "cruel character of a Manchurian tiger, the group creeps around the world, like a veteran hunter stalking its prey, when it smells blood it pounces," the chapter says. Goldman Sachs' office in Beijing refused to comment on the book and on others of its ilk. The financial cataclysm of 2008 and ensuing global recession has resulted in a profusion of books dissecting the role of global investment banks including Goldman Sachs. "It reads like a novel, rather than a real story," said Peng Yunliang, a securities analyst. "Goldman Sachs has been at the eye of the storm and is seen as the culprit behind themess. That's clearly the most popular topic on the market," he said. Goldman was sharply criticised, especially in the US, for its high executive pay after it accepted a $US10 billion government bailout during the financial crisis. It also received $US13 billion from insurer American International Group Inc after the government bailed that company out. The bank recently agreed to a record settlement with the Securities and Exchange Commission over civil fraud charges. In China, the company's business appears to have weathered well the market chaos elsewhere. The investment bank was an underwriter in the recent record-breaking $US22.1 billion initial public offering by the Agricultural Bank of China, among other big deals. Goldman also saw handsome gains from a $US4.9 million investment in 2007 in a 12.5 per cent stake in drug-maker Shenzhen Hepalink, which later raised about $US864 million in an IPO that catapulted the company's little-known founders to become, at least on paper, the richest couple in China. Li, in an online chat, said the book was no exaggeration. "The real financial battle is even more dramatic than my book, according to my knowledge of the markets," he said. "Goldman Sachs is the hand behind the financial crisis, maybe even its cause." He plans to publish a third book about the company soon. The Chinese-language book also accuses Goldman Sachs of involvement in the recent Dubai and Greek debt debacles and the wider European financial and fiscal crises. To buttress its myriad allegations, the book notes well-known links between former top Goldman Sachs executives, such as former US treasury secretary Henry Paulson, and government officials in America and other countries. It also includes copies of what appear to be US court documents. They include a complaint against Goldman Sachs and Fabrice Tourre, a Goldman vice president accused of shepherding a deal at the centre of SEC charges that the company sold mortgage securities without telling buyers that they had been created with input from a client that was betting on them to fail. © 2010 AP "
I'm waiting for the shocking expose of the nefarious conspiracy of the secret global cabal of underhand conspiracy theorists. Further thoughts - if 100,000 people buy this book out of 1 billion, that's like 30,000 buying it in the USA. As we've seen, at 30k people in the USA are stark raving mad.
"In any case Chinese readers may be buying the book but not necessarily the conspiracy. The book ranks highly in a couple world economy categories on Amazon China though not so well on the leading Chinese online bookseller Dangdang.com. At Amazon.cn, the 116 reader comments are mixed: Some rave that it is an easy-to-understand textbook on capital, finance, and the world financial system, and an eye opener about âdark truthsâ in the financial industry; but others questioned its credibility, comparing it to a suspense novel or a soap opera with imagined plots and a paucity of evidence."
the author write the book just cheating the fools 'money in china,because there are a lot of idieots in china. i am a chinese.
just look at what wall street has done to investors and gov't billions or invesrtors lost money on pump and dump and gov't got sold worthless stocks and worthless bonds.. These guys in wall street are so powerful with their $$$$ even politicians and ceo have to knee down to them. wall street is a blackhole. Guys like soros, buffets are useless and stocks in general are useless..investor class don't work...investor class are the welfare class. wall street is mostly a money laundering for rich people who don't want to pay any taxes on profits..these hedge funds are paid to hide money for their clients from the taxman or creditors. many countries have privacy laws,,,that is where madoff and all the fraudsters hide their illegal ill-gotten gains. it's not a conspiracy or accusation or allegation it's the truth. it's a reality..it's about making money...these guys on wall street have no morals and no soul.
Even Obama has to bow down these ultra rich bastards bankers hedge funds in wall street...these guys have so much money they buy politicians, buy judges, buy gov't bureaucrats etc. and the media is on the payroll too...every media outlet is paid for. on the payroll. all to feed this beast market. the market is the beast,,,
â Goldman Sachs collapsed our economy with derivatives white collar crimes. They similarly collapsed the European economy. And now we are looking at evidence that they collapsed the Chinese economy. Goldman Sachs has also been involved in speculation on food main staple crops like wheat, corn and rice. Because they have driven the price up on these basic foods, it is now more difficult to address world hunger. It will be more expensive and difficult to address the huge floods right now in Pakistan, India and China. Obviously, these white collar crime slobs couldn't care less about people starving to death as long as they make profits and executives get their bonuses. Dealing effectively with a slob corporate white collar criminal like Goldman Sachs should be no mystery. In 1933, the Democrat controlled congress passed the Glass Steagall Act to prevent future depressions. The two main components of that legislation was preventing companies from getting too big to let fail and regulating speculation. Step one is Goldman Sachs needs to be divided up so it is no longer too big to let fail. Divide up the banking/savings component from the investment component. Banks have the FDIC insurance to fall back on, and bail outs. Investment corporations need a loud and clear message that they will be absolutely on their own. If they cause speculation bubbles that burst because of their greed, they need a loud and clear message that next time there will be no bail outs. They will go bankrupt. Step two is aggressive regulation. As simple as that sounds, Republicans just don't get it. The market does not take care of itself in Predatory Capitalism. White collar criminals take care of themselves. Wall Street giants need to be divided up and aggressively regulated. There should be taxes on bonuses that are progressive - the higher the bonus the higher the tax. Hopefully this will be a disincentive for giving executives huge obscene bonuses.